Maersk Chief Warns EU Antitrust Policy Benefits China, US
Strict EU enforcement of competition rules prevents the development of the global champions necessary to compete with Chinese and U.S. companies, the head of shipping company Maersk warned in an interview."Is it really a good idea that we don't allow the creation of a European global champion? In doing so, we risk being outperformed by a Chinese company, over which the European Union has no influence," Maersk CEO Soren Skou told Danish business daily Finans.A Maersk spokeswoman confirmed his comments to Reuters.Skou is a member of the European Round Table for Industry (ERT)…
Prysmian Wraps Up DolWin3 Gig
Prysmian Group, the major player in energy and telecom cable systems industry, has has announced that it commissioned the 900MW DolWin3 high voltage direct current (HVDC) offshore grid link in the German North Sea.Prysmian had secured this project in February 2013, with a contract awarded by Alstom Grid (now GE Grid GmbH) on behalf of the Dutch-German grid operator TenneT.DolWin3, the third offshore grid connection in the DolWin cluster, links the offshore converter platform DolWin Gamma…
EOLOS Gets Capital Injection
EOLOS Floating Lidar Solutions, a start-up supported by EIT InnoEnergy, has completed a significant capital injection by the entity of the Swiss investment company Prorsum AG.Rajai Aghabi, CEO and founder of EOLOS, describes the capital increase as “a significant closing for EOLOS, allowing the present team the flexibility and capability to both grow and expand globally in the market of turn-key offshore wind data measurement campaigns, not only by strengthening our financial position…
AKASOL Intros Lithium-Ion Battery
The German expert for lithium-ion battery systems AKASOL announced that, its fast-charging battery systems power a range of prototype vessels including the brand new 31.2m Vanadis hybrid superyacht from Italian builder Cerri Cantieri Navali (CCN).The electric-vehicle battery supplier for commercial vehicles said in a press release that Vanadis, the first in CCN’s new ‘E-Prop’ line of hybrid propulsion motor yachts, is powered by traditional diesel engines and an electric engine, which are supported by generators and AKASOL’s AKASystem 15 OEM battery system.The vessel is capable of cruising short distances and anchoring under electric power, minimizing vibration, diesel exhaust pollution and noise during port calls or sleeping, all while cutting fuel costs.
Coldharbour Marine Names Stephen CEO
UK-based in-tank ballast water treatment systems (BWTS) manufacturer Coldharbour Marine said on Monday it has appointed Don Stephen as Chief Executive Officer.With over 30 years blue chip industry experience, Stephen's career spans technical and leadership roles at De Nora Water Technology, Severn Trent Services, GE and Alstom both in the UK and internationally.
Andy Richardson Joins as COO of SimecAtlantis Energy Limited
Simec Atlantis Energy announced that it has appointed Mr. Andy Richardson into the role of Chief Operating Officer at Simec Atlantis Energy.A press release from the global developer, owner and operator of sustainable energy projects with a diversified portfolio of more than 1,000 megawatts in various stages of development said that this will be a non-Board appointment.Andy is a senior figure in the global power generation sector, a Chartered Fellow, having formally held roles…
Fincantieri to Take Control of STX France
Italian shipbuilder Fincantieri will take effective control of STX France under shared ownership, an Italian government source said on Wednesday, ending a dispute that has soured bilateral relations. France had angered Italy by ordering a "temporary" nationalization of STX, cancelling a deal in which Fincantieri and another Italian investor had agreed to buy 55 percent. French Finance Minister Bruno Le Maire said earlier on Wednesday he now hoped to be able to form a European-scale naval defence firm…
France, Italy Agree on STX Shipyard Ownership Split
The French and Italian governments have agreed on a shared ownership deal of the STX France shipyards, but with a clause giving France the right to take control if needed, Le Monde newspaper reported. Le Monde reported, citing an adviser to French President Emmanuel Macron, that Italian company Fincantieri could get 51 percent ownership, including a 1 percentage point stake lent to it by France, which France could take back. Italian state-owned shipbuilder Fincantieri declined to comment.
Haropa Ports sees double digit maritime trade with India
France-based Haropa port expects maritime trade with India to grow at double digit this calendar year after having reported 7% growth in 2016, said Herve Martel, , CEO - Port of Le Havre & President- HAROPA ports. “We have received encouraging response from the Indian policy makers as also from port, shipping lines & Indian trade during our four day visit to India and we hope to build upon this momentum with increasing French investments taking place in India,” Martel said at the concluding leg of the multi city road show that took place in Delhi, Chennai, Ahmedabad and finally in Mumbai.
Clayton To Join Clarkson Board
Clarkson PLC announced that Marie-Louise Clayton will join the Board as a Non-Executive Director with effect from 1 January 2017. She will take over as Chair of the Audit Committee following the Annual General Meeting in May 2017 when James Morley, who has been a Non-Executive Director for nine years, will retire from the Board. Marie-Louise Clayton brings a wealth of financial and strategic experience from a broad range of businesses from technology and manufacturing to sugar processing, power and energy.
DCNS Predicts Turning Point for Tidal Power
Tidal power is moving beyond the prototype stage for state-backed French naval shipbuilder DCNS, which is targeting a billion euros in sales from the technology in the next decade. DCNS, which is 35 percent owned by defence group Thales and 64 percent by the French state, builds warships and submarines but aims to sell its first commercial tidal power system in four years and wants to get up to 25 percent of its sales from renewable marine energies by 2025. The firm bought Ireland's OpenHydro…
Tissot Appointed VP & CFO, Bureau Veritas
Bureau Veritas announces the appointment of Nicolas Tissot as Executive Vice-President and Chief Financial Officer. He replaces Sami Badarani, who has decided to leave the company to pursue new professional opportunities. Nicolas Tissot has solid management and finance experience gained in key roles within international groups. Before joining Bureau Veritas, he was Chief Operating Officer (COO) and Executive Committee member of SCOR. He previously held various roles, including finance director positions at Alstom and ENGIE (GDF Suez).
Atlantic Pioneer Gets to Work at Block Island
The first US-built and operated offshore wind farm crew transfer vessel will be named at an official christening ceremony in Quonset Point, Rhode Island. Following the Christening the ‘Atlantic Pioneer’, owned and operated by Atlantic Wind Transfers, the commercial wind support services arm of Rhode Island Fast Ferry, will embark on the first phase of a 20-year charter to support the construction and operation of the Block Island offshore wind farm. The Block Island site, currently under construction by developer Deepwater Wind off the coast of Rhode Island…
Atlantis Chief Joins Ocean Energy
Tim Cornelius, CEO of global tidal developer Atlantis Resources has taken a seat on the Board of Directors of Ocean Energy Europe – the industry group for ocean renewable energy – by becoming a Lead Sponsor of the organisation. The move reflects Atlantis’ position as a leading developer of commercial tidal power projects and underpins its commitment to driving the market for ocean renewable energy. Following its acquisition of pioneering tidal company Marine Current Turbines earlier this year…
Reimelt Named Head of GE Power Conversion
Stephan Reimelt has been appointed as president and CEO of GE’s Power Conversion business, succeeding Joe Mastrangelo who becomes president and CEO of Power Generation Products for GE Power & Water, GE Energy Management president and CEO Mark Begor announced today. Power Conversion is at the heart of generating cleaner and more efficient power for multiple industries. Ge said it is a growing business, operating in 160 locations worldwide, with more than 7,000 employees. Under Mastrangelo’s leadership the backlog grew more than 70 percent in four years to reach $3.5 billion, being a crucial cornerstone for what will become a $13 billion Energy Management business when combined with Alstom Grid Solutions.
RI Offshore Project Boosts US Wind Entry
Rhode Island's Deepwater Wind will start installing the foundations for North America's first offshore wind farm on Monday, a milestone the company says could pave the way for an industry long established in Europe but that is still struggling with opposition in the United States. The 30-megawatt wind farm, which will include five turbines located three miles (4.8 km) off the coast of the bucolic summer tourist destination of Block Island, will take more than a year to build and is scheduled to produce electricity for the tiny island community and the mainland by the end of next year.
Nordic Yards Lays Dock for Offshore Converter Platform
Nordic Yards has performed the dock-laying of a steel element of the offshore converter platform DolWin gamma took place on January 30 in Warnemünde. The placing of a 200-metric-ton section marked another milestone in the production of the High Voltage Direct Current (HVDC) platform, the builder said. As general contractor, Alstom placed an order with Nordic Yards in February 2013 for the construction of the offshore platform for the DolWin3 project run by the Dutch transmission system operator TenneT. The offshore platform DolWin gamma is the fourth platform manufactured by Nordic Yards.
Cavernous Swiss Power Plant Undermined by Renewable Energy
Deep in a Swiss mountain, workers have blasted out a cathedral-sized hole for a power plant that will help keep Europe's lights on, but the profit outlook for the 1.9 billion Swiss franc ($2.1 billion) project has darkened since its construction began in 2008. The Nant de Drance plant, and others like it, is being undermined by cheap renewable solar and wind energy, which up-ends its business model of pumping water uphill at night when power prices are low and releasing it to make electricity when prices peak in the daytime - a process known as pumped storage.
China M&A Rulings Create Hot Competition for Antitrust Lawyers
China's increasing regulatory influence over international mergers and acquisitions has helped to create the hottest new commodity in its legal industry: anti-trust lawyers. Six years ago, China did not even have a legal system for regulating the impact of M&A on competition. Today, its Ministry of Commerce is the biggest wildcard for dealmakers trying to get a major cross-border deal past anti-trust regulators. The ministry's decision last month to reject Danish shipping group A.P. Moller-Maersk's planned alliance with Swiss and French rivals came as a "big surprise" to Maersk Chief Executive Nils Smedegaard Anderson, whose team had been in close contact with the regulator until days earlier.
Council Approves Deal Alstom General Electric
The board of Alstom unanimously approved the offer from General Electric to buy its energy business, said Saturday the French industrial group in a statement. The final proposal, which won approval Friday from the French government, "not only addresses the interests of Alstom and its shareholders but also provides security in relation to the concerns expressed by the French state," Alstom said. (Reporting by Laurence Frost)
France Picks: GE is the One for Alstom
France chose General Electric to form an alliance with Alstom on Friday - rejecting an offer from Siemens and Mitsubishi Heavy Industries - but said the deal still needed some work and added it would buy a 20 percent stake in the hotly-contested company. Economy Minister Arnaud Montebourg said he had used a newly- created state decree to reject both of the existing offers as not being in France's strategic interest, and had formulated fresh demands to GE Chief Executive Jeff Immelt. The decision ended weeks of suspense surrounding one of Europe's fiercest industrial battles in years, but left open major questions about the final shape of an alliance which GE hopes will give it access to new power markets.
MHI, Siemens Outline Alstom Proposal
Mitsubishi Heavy Industries (MHI) and Siemens submitted an offer letter specifying further the proposed transaction to Alstom. With the specified offer MHI and Siemens reaffirm their commitment to strengthen Alstom as an independent Global Player in Energy and Transport. After extensive discussions with all stakeholders over the past days MHI and Siemens reviewed their proposal with regards to reducing complexity, strengthening execution and narrowing risk exposure. Based on this, MHI and Siemens decided to further simplify the structure of the proposal for the benefit of all parties involved. This resulted in an additional cash contribution of Euro 1.2 billion to Euro 8.2 billion, while the total valuation of Alstoms energy business increases by Euro 400 million to Euro 14.6 billion.
Siemens, Mitsubishi Challenge GE with Alstom Offer
Germany's Siemens and Japan's Mitsubishi Heavy Industries presented a joint offer to France's Alstom on Monday that included 7 billion euros ($9.5 billion) in cash, challenging a bid by General Electric. Under the deal, Siemens offered to buy Alstom's gas turbines business for 3.9 billion euros in cash, and MHI to buy stakes in Alstom power assets including hydroelectric power equipment and grid, to be held in separate joint ventures. MHI would inject 3.1 billion euros in cash into Alstom and offer to take a stake of up to 10 percent in the French firm from shareholder Bouygues. "Alstom would remain an independent energy and transport player with a strong brand," Siemens Chief Executive Joe Kaeser said. Alstom said it would review the proposal in the coming days.